GE’s $31 Billion Problem [Bloomberg Business News]
GE Aerospace (GE)
Last ge aerospace earnings: 4/30 04:02 pm
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Source: Bloomberg Business News
John Flannery hardly needs any more headaches. But at a time when General Electric Co. is facing what amounts to an existential crisis, a $31 billion deficit in its pension plan may complicate any turnaround that involves a breakup of the 126-year-old icon of American capitalism. Divvying up the obligations won’t be easy. After all, GE owes benefits to at least 619,000 people. And retirees aren’t the only ones at risk. Ideally, breaking up a conglomerate as sprawling as GE would unlock value for shareholders, who have seen their stock fall 40 percent since the CEO took the reins from Jeffrey Immelt in August. Stronger divisions wouldn’t be dragged down by weaker ones, and each business would stand on its own financially. Yet GE’s pension deficit has gotten so big, a misstep could risk leaving the separate units with commitments they ultimately can’t afford to pay. “It can be difficult and tricky, especially when you’re substantially underfunded lik
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